Pak stocks sink by over 2,000 points amid uncertainty over govt formation
Karachi, Feb 12 (IANS): The Pakistan Stock Exchange (PSX) witnessed a steep decline during the early morning trading as the benchmark KSE-100 fell by over 2,200 points on Monday amid uncertainty over the formation of a new government, a media report said.
The benchmark index decreased by 2,232.91 points or 3.55 per cent to trade at 60,710 points, down from the previous close of 62,943 points, Geo News reported.
Samiullah Tariq, the head of research at Pakistan-Kuwait Investment Company, attributed the loss to the “uncertainty over the formation of the government”, the report said,
On February 8, Pakistan conducted its 10th general elections with a large number of Pakistan Tehreek-e-Insaf (PTI)-backed Independent candidates clinching victory.
The PSX on Friday plummeted by over 2,000 points initially due to the uncertain outcome of the general elections.
However, the market managed to recoup some losses by the day’s end, closing 1.87 per cent lower at 62,943 points.
Market analysts, such as Muhammad Sohail of Topline Securities, attributed the initial decline to the “unexpected” election results, which deviated from pre-election expectations, Geo News reported.
